Caverton Offshore Support Group Reports ₦6.09bn Revenue

Caverton Offshore Support Group Plc announced its unaudited results for the first quarter ending 31 March 2026, reporting a revenue of ₦6.09 billion, which reflects a 32.2% year-on-year decline from ₦8.98 billion. This decline was attributed to reduced activities in the aviation contract and helicopter charter segments.

However, the Group's profitability quality improved, with a gross margin of 63% and an EBITDA margin of 32%, as the cost of sales decreased by 36% due to disciplined cost management. Caverton reported a net loss before tax of ₦4.95 billion for the quarter.

Notably, the maintenance business remained resilient, and UAV & Allied Services experienced a 128% year-on-year growth. Caverton Marine saw a revenue surge from new vessel charter income, including three Suezmax oil tanker vessels.

The Group is also introducing electric-propulsion passenger ferries in partnership with Explomar and has a firm order from Lagos State for ten ferries. Additionally, Caverton is collaborating with Stena Bulk and the Nigerian National Petroleum Company through Unity Shipping Worldwide to enhance its marine revenue.